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NASS Pledges Support for Robust Financial System

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Mr Ahmed Jaha, Chairman of the House of Representative Committee on Insurance and Actuarial Matters has reaffirmed the Federal Government’s dedication to upholding a stable financial system.

He said this at a retreat organised by the Nigerian Deposit Insurance Corporation (NDIC) for members of the 10th Assembly on Wednesday in Lagos.

Reports says that the meeting has the theme, “Maintaining a Resilient and Stable Banking System: The Role of NDIC”.

Jaha pledged the committee’s commitment to taking proactive steps toward a more robust and secure financial system in Nigeria, with a strong focus on protecting the interests of depositors.

Jaha said, “with a significant number of new members, comprising over 75 per cent of the committee in the 10th Assembly, there is a pressing need for these representatives to gain a comprehensive understanding of the intricacies of the insurance sector.

The retreat, he said, would equip members with the knowledge required to contribute meaningfully to the sector’s advancement, particularly in ensuring the safety of depositors’ funds.

Jaha added, “As the Chairman of the House Committee on Insurance and Actuarial Matters, I am deeply committed to the advancement and oversight of the insurance and banking sectors in our country.

“I believe that the stability and resilience of our banking system are fundamental to the overall economic well-being of Nigeria.

“The role of NDIC in safe guiding the interests of depositors, maintaining financial stability, and promoting public confidence in the banking sector cannot be overstated.

“It is therefore imperative that we, as representatives of the people, engage in meaningful discussions and collaborations with the NDIC to ensure the effectiveness of this mandate.

“This retreat provides us with a valuable opportunity to engage in insightful discussions, share knowledge, to gain a deeper understanding of the challenges and opportunities facing the banking and insurance industry.

“By doing so, we can collectively develop informed policies and strategies that will promote a stable, resilient, and inclusive banking system for the benefit of all Nigerians.”

He also highlighted the committee’s commitment to a collaborative approach to financial stability in Nigeria.

He emphasised the importance of strong legal frameworks for financial safety net agencies and acknowledges their critical role in protecting consumers and fostering a resilient financial system.

Jaha underscored the importance of the NDIC, while emphasising the committee’s focused approach to acquiring knowledge and contributing meaningfully towards a shared goal.

According to him, this signifies a positive intention for improved collaboration and effective depositor protection within the Nigerian financial system.

He said, “NDIC as you are all aware, provides the safety of depositors funds and promotes depositors’ confidence in the financial system in the country.

“So, the committee is ready when given the required knowledge and development, to collaborate with NDIC to make sure that we have succeeded in achieving that.”

Furthermore, on the confidence on the banking sector, he said, “As far as we are concerned and as far as the effort of the NDIC, particularly in trying to protect depositors’ funds and various banks, I am optimistic that we will not have a lot of issues.

“From my understanding, NDIC is doing everything it takes to protect depositors’ funds in our various financial institutions.”

Earlier, Mr Bello Hassan, Managing Director/Chief Executive Officer NDIC, noted that the financial indicators affirmed the robustness of the banking system.

He reassured that depositors in banks, protected by NDIC, could have confidence in the safety of their funds.

“This theme is apt given the determination of the Federal Government toward achieving sustainable growth by strengthening the financial sector to boost economic growth.

“This falls in line with the corporations’ contribution to ensuring the stability of the financial system by effectively supervising the banking sector and safeguarding depositors’ funds from the adverse effects of bank failure.”

Speaking on the sidelines, Hassan added: “The banking system, today, in Nigeria is safe and sound.

“I’m saying this not out of sentiment, but looking at the financial soundness indicators, in terms of capital adequacy, the quality of earnings, and the quality of the assets.

“So, I can confidently say that the banking system in Nigeria today as we speak, is safe and sound and depositors can continue to patronise, licensed deposit-taking institutions that are fully insured by the NDIC.”(NAN)

POLITICS

Ondo 2024: INEC Tasks political parties, Supporters to Maintain Existing Peace 

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Prof. Mahmood Yakubu, National Chairman, Independence National Electoral Commission (INEC) has appealed to political parties, candidates, and supporters to maintain peace during the governorship election in Ondo State.

Yakubu made the appeal while monitoring the 2024 Ondo State Mock Accreditation held on Wednesday across the three senatorial district of the state.

Report says that INEC is scheduled to conduct the Ondo State Governorship Election on Nov.

16, 2024, with 18 political parties to participate in the election.

The INEC chairman, who said that the exercise was part of the commission’s preparation, said the maintenance of peace would enable the commission to conduct a free and fair election.

He also said that the mock accreditation was to further test the functionality of their system.

“In the last election, our machines performed optimally but we can not take that for granted.

“We will ensure that all the polling units open on time so that voters will not come and wait for INEC officials and materials.

“And we have tested the integrity of the machines, it is not the matter of early deployment, but also early accreditation.

“We are doing our best as an electoral commission and others should also do their best, particularly political parties and their candidates.

“I want to appeal to political parties, candidates and their supporters to ensure that they maintain the peace that will enable us to deploy and conclude the process in good time.

“And also to announce the candidate people of Ondo State are choosing as their governor on Saturday,” he said.

Earlier, Mr Usman Isiaka Taiwo, who was accredited at the Ijapo High School, Akure, Ward 4 Unit 41, applauded INEC for the conduct.

“There is no delay in the exercise, and I will come along with my family to cast our votes for the candidate of our choice,” he said.

Also, Mrs Adebimpe Bankole, who was accredited at Alagbaka Primary School, Akure, Ward 5 Unit 18, scored INEC 80 per cent for the mock exercise.

“I am satisfied with the process because I did not waste any time before I did my accreditation.

“I would have given them 100 per cent but I can’t, rather I will give them 80 per cent because they have done well.

“By Gods grace, I will come out on Saturday, Nov. 16 for the election proper to cast my vote,” she said.

The INEC national chairman visited Ijapo High School, Akure, Ward 4 Unit 41; and Alagbaka Primary School, Akure, Ward 5 Unit 18.

Ward 10 Unit 12 in Owena, and Ward 10, Unit 1, Aiyetoro/ Owena, Idanre Local Government Area in Ondo Central Senatorial District, were also visited.

Yakubu also visited two Local Government Area offices of the commission including Ile-Oluji/ Okeigbo in Ondo North Senatorial District. (NAN)

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POLITICS

Atiku’s Claim of Winning 2023 Presidential Election most Comical – APC

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The All Progressives Congress (APC) has said that the claim by Atiku Abubakar, Peoples Democratic Party (PDP) presidential candidate in the 2023 elections, that he did not lose the election but stolen, was most comical.

Mr Felix Morka, the party’s National Publicity Secretary said this, in a statement on Tuesday in Abuja, while reacting to comments made by Abubakar on the outcome of the election.

Abubakar, also a former vice president, on his X handle, stated that he did not lose the 2023 presidential election, claiming the election was stolen from him.

Morka, in his reaction, described Abubakar as Africa’s most infamous presidential election loser, noting that since serving as vice-president, he had lost election to every elected president.

“Six times in the last 17 years, Nigerians have declared their verdict of untrust and lack of sportsmanship on Abubakar’s presidential candidacy, and roundly rejected him at the polls.

“Abubakar’s long record of electoral defeat was serially certified by Nigeria’s highest courts, sealing his rejection by the electorate with judicial and constitutional finality.

“However, a clearly unabashed Abubakar continues to lay a bogus claim that he did not lose the 2023 presidential election. That is beyond comical,” the APC spokesman said.

He said that this was so as the former vice president probably believed that he was cheated out of all previous five presidential elections that he also lost.

Morka added that Abubakar’s inability to come to terms with the reality of his rejection cuts an ominous portrait of extreme and disturbing political desperation.

He added that Nigeria’s intelligent and discerning electorate would not act against their best interest by electing Abubakar into office.

According to Morka, the former vice president is a central and recurrent player in some of our country’s most vile roll call of corruption scandals perpetrated by the PDP administrations.

“He was the vice president in the government that created crooked and viscerally corrupt petrol subsidy hydra-headed dragon that has crippled our country’s economy,

“And laid the foundation for the endemic corruption and inefficiency that have undermined our power sector through the years.

“His desperation to be president can only be understood in the context of his determination to complete the full subversion of Nigeria’s economic life from where he left off as vice president.

“Nigerians will not entrust their country to someone who puts his selfish interest, and the interest of his cronies over and above the national interest,” Morka said.

He added that having demystified himself with his recent release of what he would have done differently if he was the president, showed that he had nothing to offer Nigerians.

Morka added that from Abubakar’s release, it was obvious that all he would had offered was his stale, tired, tested and failed economic ideas that were at polar relevance to the current existential economic challenges facing the country.

He added that the former vice president had a chance to execute whatever economic ideas he may have ever had, but failed to do so.

He further added that as vice president, Abubakar also failed to get his party, the PDP, to do so in all of its 16 years government.

“Abubakar thinks himself capable of fixing Nigeria but cannot fix the rot and hopeless dysfunction in his PDP,” the APC spokesman said.

He urged Nigerians to be steadfast in support of the APC-administration of President Bola Tinubu and valiant efforts to restore vitality to our economy for the good of all Nigerians.(NAN)

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POLITICS

Sule Presents N156.6bn 2024 Supplementary Appropriation Bill to Nasarawa Assembly

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Gov. Abdullahi Sule of Nasarawa State, on Tuesday submitted N156.5 billion supplementary appropriation bill for 2024 fiscal year to the State House of Assembly for approval.Mr Danladi Jatau, the Speaker of the House, announced this during plenary in Lafia.He said that the supplementary appropriation bill would enable the state government to provide the much needed dividends of democracy to the people of the state.

Mr Suleiman Azara, the Majority Leader of the House, moved a motion for the bill to scale first reading which was seconded by the Deputy Minority Leader, Mr Onarigu Onah Kana.
The Assembly read the bill and unanimously passed it through the first Daily Asset recalls that in Dec.
2023, the House approved N199.8 billion budget the for 2024 fiscal year.The supplementary appropriation bill if approved, would take the Nasarawa State Government 2024 budget to N356.5 billion. ( NAN)

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